Shares of non-oil and gas sector in Azerbaijan's GDP rose to 60%

The fact that the actual price of oil is higher than the approved indicator resulted in the provision of a significant part of the annual forecast of the GDP for the oil sector in the first half of the year and the high performance of the state budget revenues from this sector, reports citing the ‘summary of semi-annual information on the execution of the state budget’ of the Chamber of Accounts of Azerbaijan.

It was noted that during the reporting period, the GDP was 60302,1 mln manats. Shares of non-oil and gas sectors in GDP increased to 60%. The actual price of oil exceeding the price approved by the budget resulted in the implementation of 71.1% of the annual forecast for oil and gas GDP in the First Half of the year. This affected the tax revenues of the state budget for the oil sector and these revenues were AZN 3987.7 million, exceeding the forecast for the period by AZN 1349.8 million.

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